Starting at midnight on July 17th, the prices of gasoline and diesel fuel in China will be increased.

The National Development and Reform Commission (NDRC) announced the adjustment, citing changes in international oil market prices.

Effective from 24:00 on July 17th, the maximum retail prices for domestic gasoline and diesel (standard products) will rise by 300 yuan and 290 yuan per ton, respectively.

This translates to increases of approximately 0.24 yuan per liter for 92-octane gasoline and 0.25 yuan per liter for 0-grade diesel.

Liu Bingjuan, chief energy analyst at Longzhong Information, explained that since the last domestic refined oil price adjustment on July 3rd, international crude oil prices have fluctuated higher due to renewed tensions in the Middle East.

The average price over the 10 working days prior to this adjustment was higher than the average for the 10 working days before the previous change, leading to the corresponding price hike for refined oil products.

Liu noted that during this pricing cycle, international oil prices experienced a single-day surge of nearly 10%, but the average increase over the 10-day period was not as large, which is why the domestic refined oil price was not raised more significantly.

A spokesperson for the NDRC stated that companies including PetroChina, Sinopec, and CNOOC, along with other crude oil processing enterprises, must coordinate the production and distribution of refined oil products to ensure stable market supply and strictly implement the national pricing policy.

Relevant local authorities are instructed to strengthen market supervision and inspection, severely penalize any violations of the national price policy, and maintain normal market order.

Consumers can report any suspected price violations through the 12315 platform.